| The acceleration of urbanization process in China requires appropriate development of China's infrastructure system. The problem restricting the sustainable development of infrastructure is construction funds. Traditionally, local government finance capital investment in infrastructure has always occupied the largest share, Therefore,it undertakes large liabilities.Under the trend of the infrastructure marketlization in the world, China's investment and financing platform which established at the end of last century experienced a rapid development. Platform provides a lot of money for urban infrastructure through the efficient operation.This paper reviews the investment and financing platform for China's local government reform process and its current situation and Summarize that the investment and financing platform for investment and financing system has become the main mode. Then I discusses the functions, mode of operation and significance of government investment and financing platform mode. On this basic,I analyze the risk of the platform and ways to resolve it. Finally, this paper presents related recommendations. This paper reached the following conclusions:(1)As to quasi-public nature product like infrastructure and public utilities, government guidance and market participation mode is the main direction of investment and financing system.(2) The main risks of the investment and financing platform including financing risks, capital utilization and reimbursement risk and the risk of excessive local government debt. The surface reasons for these risks are the perfect imperfect platform,but the deep-seated reason is that reform is not in place.(3) The reform of investment and financing platform for the future pay more attention to deeper institutional reforms, iIncluding the implementation of investment and financing platform for positioning, establish investment decision-making mechanism and improve the investment and financing platform for risk management. |
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